| Reliance Jio and British Petroleum to start a "new Indian fuels & mobility joint venture"
bp and Reliance Industries Limited (RIL) today announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned. bp has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
Operating under the “Jio-bp” brand, the joint venture aims to become a leading player in India's fuels and mobility markets. It will leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions. https://www.reliancepetroleum.com/rbml https://www.bp.com/content/dam/bp/bu...artnership.pdf https://www.bp.com/en/global/corporate/news-and-insights/press-releases/reliance-and-bp-launch-jio-bp-partnership.html
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23rd June 2021, 10:37
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